DOGE’s Uptrend Ends as It Faces Rejection at $0.17
Login

DOGE’s Uptrend Ends as It Faces Rejection at $0.17

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Dogecoin (DOGE) Price Long-term Prediction: Bearish
The Dogecoin (DOGE) price has fallen below the moving average lines as it faces rejection at $0.17. On May 1, the bears plunged the altcoin to a low of $0.12, prompting bulls to buy the dips. The bullish momentum broke above the moving average lines, but it was stopped at the 50-day SMA, or the resistance, at $0.168.

The crypto asset is trading above the 21-day SMA but below the 50-day SMA. The altcoin is reverting towards the 21-day SMA support following the rejection. It is above the 21-day SMA and below the 50-day SMA resistance. DOGE/USD is now worth $0.152.

When the moving average lines are broken, the altcoin will begin to trend. For example, if the bears break below the 21-day SMA, the market will fall to its prior low of $0.12.

DOGE’s Uptrend Ends as It Faces Rejection at <img fetchpriority=.17" width="580" height="287" data-lazy-src="https://learn2.trade/wp-content/uploads/2024/05/DOGEUSD_-Daily-chart-May-8-1024x506.png"/>
DOGE/USD – Daily Chart

Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04

Dogecoin (DOGE) Indicator Reading
DOGE price bars fall between the moving average lines. The crypto price will fluctuate between the moving average lines. The moving average lines are sloping horizontally due to the sideways trend. Doji candlesticks govern DOGE price behavior.

What is the next direction for Dogecoin (DOGE)?
On the 4-hour chart, the DOGE/USD corrects between the moving average lines as it faces rejection at $0.17. The upward movement was halted at the $0.17 resistance. Buyers failed to maintain the positive momentum. The altcoin has dropped following two rejections at its recent peak.

DOGE’s crypto signal is range-bound since the altcoin is trapped between the moving average lines.  

DOGE’s Uptrend Ends as It Faces Rejection at <img decoding=.17" width="580" height="287" data-lazy-src="https://learn2.trade/wp-content/uploads/2024/05/DOGEUSD_-4-Hour-chart-May-8-1024x506.png"/>
DOGE/USD – 4-hour Chart

You can purchase Lucky Block here. Buy LBLOCK
 
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News